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Monday, October 26, 2009
Capmark Financial Files Chapter 11
FOXBusiness
Capmark Financial Group, a large commercial real-estate lender, filed for Chapter 11 bankruptcy protection on Monday in Delaware. The announcement came as no surprise given the company reported a $1.6 billion loss in its second quarter, and warned that a bankruptcy was a possibility.
Capmark, like many lenders, was hit by problems with commercial real estate loans, and according to Moody’s has originated more than $10 billion in loans. 75% of the company is currently owned by a group of investors including KKR (KFN), Goldman Sachs Capital Partners (GS) and Five Mile Capital Partners.
Capmark recently consented to a sale of its North American mortgage operations to a company owned by Berkshire Hathaway (BRK) and Leucadia National (LUK) for a figure totaling up to $490 million. That deal could still take place while Capmark is in bankruptcy.
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